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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

Quarterly Report Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2025

Commission File Number 001-18761

MONSTER BEVERAGE CORPORATION

(Exact name of registrant as specified in its charter)


Delaware		47-1809393
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

1 Monster Way

Corona, California 92879

(Address of principal executive offices) (Zip code)

(951) 739 - 6200

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	MNST	Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes X No __

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes X No __

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer ☒		Accelerated filer ☐
Non-accelerated filer ☐		Smaller reporting company ☐
		Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes __ No X

The registrant had 977,021,216 shares of common stock, par value $0.005 per share, outstanding as of October 31, 2025.

Table of Contents

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

SEPTEMBER 30, 2025

INDEX


Part I.	FINANCIAL INFORMATION	Page No.

Item 1.	Condensed Consolidated Financial Statements (Unaudited)

	Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024	3

	Condensed Consolidated Statements of Income for the Three- and Nine-Months Ended September 30, 2025 and 2024	4

	Condensed Consolidated Statements of Comprehensive Income for the Three- and Nine-Months Ended September 30, 2025 and 2024	5

	Condensed Consolidated Statements of Stockholders’ Equity for the Three- and Nine-Months Ended September 30, 2025 and 2024	6

	Condensed Consolidated Statements of Cash Flows for the Nine-Months Ended September 30, 2025 and 2024	7

	Notes to Condensed Consolidated Financial Statements	9

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	30

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	45

Item 4.	Controls and Procedures	45

Part II.	OTHER INFORMATION

Item 1.	Legal Proceedings	46

Item 1A.	Risk Factors	46

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	46

Item 3.	Defaults Upon Senior Securities	47

Item 4.	Mine Safety Disclosures	47

Item 5.	Other Information	47

Item 6.	Exhibits	47

	Signatures	48

Table of Contents

PART I – FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF SEPTEMBER 30, 2025 AND DECEMBER 31, 2024

(In Thousands, Except Par Value) (Unaudited)


	September 30,		December 31,
	2025		2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	2,292,939	$	1,533,287
Short-term investments		286,391		—
Accounts receivable, net		1,601,216		1,221,646
Inventories		704,586		737,107
Prepaid expenses and other current assets		142,713		107,262
Prepaid income taxes		38,372		42,202
Total current assets		5,066,217		3,641,504

INVESTMENTS		359,174		—
PROPERTY AND EQUIPMENT, net		1,110,705		1,047,024
DEFERRED INCOME TAXES, net		185,321		184,260
GOODWILL		1,331,643		1,331,643
OTHER INTANGIBLE ASSETS, net		1,419,306		1,414,252
OTHER ASSETS		138,907		100,406
Total Assets	$	9,611,273	$	7,719,089

LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	683,030	$	466,775
Accrued liabilities		325,450		220,764
Accrued promotional allowances		392,628		267,711
Deferred revenue		47,158		45,809
Accrued compensation		102,131		92,454
Income taxes payable		40,023		4,006
Total current liabilities		1,590,420		1,097,519

DEFERRED REVENUE		164,701		179,008
OTHER LIABILITIES		110,992		110,893
LONG-TERM DEBT		—		373,951

COMMITMENTS AND CONTINGENCIES (Note 10)

STOCKHOLDERS’ EQUITY:
Common stock - $0.005 par value; 5,000,000 shares authorized; 1,130,977 shares issued and 976,997 shares outstanding as of September 30, 2025; 1,126,329 shares issued and 973,079 shares outstanding as of December 31, 2024		5,655		5,632
Additional paid-in capital		5,343,915		5,144,922
Retained earnings		8,905,026		7,448,784
Accumulated other comprehensive loss		(93,382)		(269,487)
Common stock in treasury, at cost; 153,980 shares and 153,250 shares as of September 30, 2025 and December 31, 2024, respectively		(6,416,054)		(6,372,133)
Total stockholders’ equity		7,745,160		5,957,718
Total Liabilities and Stockholders’ Equity	$	9,611,273	$	7,719,089

See accompanying notes to condensed consolidated financial statements.

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE- AND NINE-MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

(In Thousands, Except Per Share Amounts) (Unaudited)


	Three-Months Ended				Nine-Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
NET SALES	$	2,197,139	$	1,880,973	$	6,163,290	$	5,680,668

COST OF SALES		972,653		881,174		2,714,428		2,634,235

GROSS PROFIT		1,224,486		999,799		3,448,862		3,046,433

OPERATING EXPENSES		549,134		519,883		1,572,142		1,497,363

OPERATING INCOME		675,352		479,916		1,876,720		1,549,070

INTEREST and OTHER INCOME (EXPENSE), net		14,185		(5,820)		37,522		54,311

INCOME BEFORE PROVISION FOR INCOME TAXES		689,537		474,096		1,914,242		1,603,381

PROVISION FOR INCOME TAXES		165,082		103,177		458,000		365,044

NET INCOME	$	524,455	$	370,919	$	1,456,242	$	1,238,337

NET INCOME PER COMMON SHARE:
Basic	$	0.54	$	0.38	$	1.49	$	1.22
Diluted	$	0.53	$	0.38	$	1.48	$	1.21

WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK AND COMMON STOCK EQUIVALENTS:
Basic		976,608		975,841		975,337		1,015,252
Diluted		984,966		983,171		983,532		1,023,912

See accompanying notes to condensed consolidated financial statements.

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE- AND NINE-MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

(In Thousands) (Unaudited)


	Three-Months Ended				Nine-Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Net income, as reported	$	524,455	$	370,919	$	1,456,242	$	1,238,337
Other comprehensive income (loss), net of tax:
Change in foreign currency translation adjustment		(17,353)		47,846		147,377		(13,953)
Change in net unrealized gain (loss) on available-for-sale investments		221		—		434		758
Change in net gain (loss) on commodity derivatives		15,058		(3,384)		28,294		690
Other comprehensive income (loss)		(2,074)		44,462		176,105		(12,505)
Comprehensive income	$	522,381	$	415,381	$	1,632,347	$	1,225,832

See accompanying notes to condensed consolidated financial statements.

Table of Contents

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE THREE- AND NINE-MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

(In Thousands) (Unaudited)


								Accumulated
				Additional				Other					Total
	Common stock			Paid-in		Retained		Comprehensive		Treasury stock			Stockholders’
	Shares	Amount		Capital		Earnings		(Loss) Income		Shares	Amount		Equity
Balance, December 31, 2024	1,126,329	$	5,632	$	5,144,922	$	7,448,784	$	(269,487)	(153,250)	$	(6,372,133)	$	5,957,718

Stock-based compensation	—		—		20,727		—		—	—		—		20,727
Stock options/awards	2,366		11		48,082		—		—	—		—		48,093
Repurchase of common stock	—		—		—		—		—	(302)		(16,633)		(16,633)
Foreign currency translation	—		—		—		—		63,971	—		—		63,971
Net gain (loss) on commodity derivatives	—		—		—		—		2,570	—		—		2,570
Net income	—		—		—		442,993		—	—		—		442,993
Balance, March 31, 2025	1,128,695	$	5,643	$	5,213,731	$	7,891,777	$	(202,946)	(153,552)	$	(6,388,766)	$	6,519,439

Stock-based compensation	—		—		31,842		—		—	—		—		31,842
Stock options/awards	1,255		7		39,584		—		—	—		—		39,591
Unrealized gain (loss), net on available-for-sale securities	—		—		—		—		213	—		—		213
Foreign currency translation	—		—		—		—		100,759	—		—		100,759
Net gain (loss) on commodity derivatives	—		—		—		—		10,666	—		—		10,666
Net income	—		—		—		488,794		—	—		—		488,794
Balance, June 30, 2025	1,129,950	$	5,650	$	5,285,157	$	8,380,571	$	(91,308)	(153,552)	$	(6,388,766)	$	7,191,304

Stock-based compensation	—		—		32,084		—		—	—		—		32,084
Stock options/awards	1,027		5		26,674		—		—	—		—		26,679
Unrealized gain (loss), net on available-for-sale securities	—		—		—		—		221	—		—		221
Repurchase of common stock	—		—		—		—		—	(428)		(27,288)		(27,288)
Foreign currency translation	—		—		—		—		(17,353)	—		—		(17,353)
Net gain (loss) on commodity derivatives	—		—		—		—		15,058	—		—		15,058
Net income	—		—		—		524,455		—	—		—		524,455
Balance, September 30, 2025	1,130,977	$	5,655	$	5,343,915	$	8,905,026	$	(93,382)	(153,980)	$	(6,416,054)	$	7,745,160


								Accumulated
				Additional				Other					Total
	Common stock			Paid-in		Retained		Comprehensive		Treasury stock			Stockholders’
	Shares	Amount		Capital		Earnings		(Loss) Income		Shares	Amount		Equity
Balance, December 31, 2023	1,122,592	$	5,613	$	4,975,115	$	5,939,736	$	(125,337)	(81,021)	$	(2,566,383)	$	8,228,744

Stock-based compensation	—		—		21,452		—		—	—		—		21,452
Stock options/awards	2,278		11		38,381		—		—	—		—		38,392
Unrealized gain (loss), net on available-for-sale securities	—		—		—		—		223	—		—		223
Repurchase of common stock	—		—		—		—		—	(2,151)		(120,245)		(120,245)
Foreign currency translation	—		—		—		—		(30,695)	—		—		(30,695)
Net gain (loss) on commodity derivatives	—		—		—		—		(2,131)	—		—		(2,131)
Net income	—		—		—		442,049		—	—		—		442,049
Balance, March 31, 2024	1,124,870	$	5,624	$	5,034,948	$	6,381,785	$	(157,940)	(83,172)	$	(2,686,628)	$	8,577,789

Stock-based compensation	—		—		19,645		—		—	—		—		19,645
Stock options/awards	460		3		13,698		—		—	—		—		13,701
Unrealized gain (loss), net on available-for-sale securities	—		—		—		—		535	—		—		535
Repurchase of common stock	—		—		—		—		—	(58,778)		(3,145,817)		(3,145,817)
Foreign currency translation	—		—		—		—		(31,104)	—		—		(31,104)
Net gain (loss) on commodity derivatives	—		—		—		—		6,205	—		—		6,205
Net income	—		—		—		425,369		—	—		—		425,369
Balance, June 30, 2024	1,125,330	$	5,627	$	5,068,291	$	6,807,154	$	(182,304)	(141,950)	$	(5,832,445)	$	5,866,323

Stock-based compensation	—		—		27,659		—		—	—		—		27,659
Stock options/awards	369		1		10,007		—		—	—		—		10,008
Repurchase of common stock	—		—		—		—		—	(11,299)		(539,971)		(539,971)
Foreign currency translation	—		—		—		—		47,846	—		—		47,846
Net gain (loss) on commodity derivatives	—		—		—		—		(3,384)	—		—		(3,384)
Net income	—		—		—		370,919		—	—		—		370,919
Balance, September 30, 2024	1,125,699	$	5,628	$	5,105,957	$	7,178,073	$	(137,842)	(153,249)	$	(6,372,416)	$	5,779,400

See accompanying notes to condensed consolidated financial statements.

Table of Contents

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE-MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

(In Thousands) (Unaudited)


	Nine-Months Ended
	September 30,
	2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	1,456,242	$	1,238,337
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		82,023		59,822
Non-cash lease expense		10,266		9,801
Loss (gain) on disposal of property and equipment		(916)		2,070
Loss on impairment of property and equipment		2,279		6,067
Stock-based compensation		86,664		68,793
Deferred income taxes		455		(10,242)
Effect on cash of changes in operating assets and liabilities:
Accounts receivable		(299,139)		(106,404)
Inventories		58,387		197,107
Prepaid expenses and other assets		(66,269)		(5,861)
Prepaid income taxes		14,043		(39,668)
Accounts payable		148,575		(14,346)
Accrued liabilities		98,535		46,749
Accrued promotional allowances		105,806		31,492
Accrued compensation		6,434		(6,043)
Income taxes payable		33,361		4,213
Other liabilities		(2,077)		(2,403)
Deferred revenue		(15,907)		(12,652)
Net cash provided by operating activities		1,718,762		1,466,832

CASH FLOWS FROM INVESTING ACTIVITIES:
Sales of available-for-sale investments		20,686		1,377,915
Purchases of available-for-sale investments		(618,389)		(342,121)
Purchases of property and equipment		(104,101)		(172,795)
Proceeds from sale of property and equipment		2,744		2,095
Additions to intangibles		(19,681)		(21,473)
Increase in other assets		(507)		(603)
Net cash (used in) provided by investing activities		(719,248)		843,018

CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on short-term debt		(8,043)		(6,717)
Payments on credit facilities		(375,000)		—
Borrowings on credit facilities		—		750,000
Payments for debt issuance costs		—		(2,904)
Issuance of common stock		114,363		62,101
Purchases of common stock held in treasury		(43,921)		(3,770,184)
Net cash used in financing activities		(312,601)		(2,967,704)

Effect of exchange rate changes on cash and cash equivalents		72,739		(14,482)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		759,652		(672,336)
CASH AND CASH EQUIVALENTS, beginning of period		1,533,287		2,297,675
CASH AND CASH EQUIVALENTS, end of period	$	2,292,939	$	1,625,339

SUPPLEMENTAL INFORMATION:
Cash paid during the period for:
Interest	$	5,296	$	13,808
Income taxes	$	413,194	$	411,884

See accompanying notes to condensed consolidated financial statements.

Table of Contents

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE-MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

(In Thousands) (Unaudited) (Continued)

SUPPLEMENTAL DISCLOSURE OF NON-CASH ITEMS

Included in accrued liabilities as of September 30, 2025 and 2024 were additions to other intangible assets of $3.2 million and $10.9 million, respectively.

Included in accounts payable as of September 30, 2025 and 2024 were property and equipment purchases of $1.4 million and $20.3 million, respectively.

Included in accounts payable as of September 30, 2025 were available-for-sale short-term investment purchases of $16.2 million.

Included in accounts payable as of September 30, 2025 were available-for-sale long-term investment purchases of $31.2 million.

See accompanying notes to condensed consolidated financial statements.

Table of Contents

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

1.	BASIS OF PRESENTATION

Reference is made to the Notes to Consolidated Financial Statements, in Monster Beverage Corporation and Subsidiaries (the “Company”) Annual Report on Form 10-K for the year ended December 31, 2024 for a summary of significant accounting policies utilized by the Company and its consolidated subsidiaries and other disclosures, which should be read in conjunction with this Quarterly Report on Form 10-Q (“Form 10-Q”).

The Company’s condensed consolidated financial statements included in this Form 10-Q have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and Securities and Exchange Commission (“SEC”) rules and regulations applicable to interim financial reporting. They do not include all the information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP. The information set forth in these interim condensed consolidated financial statements for the three- and nine-months ended September 30, 2025 and 2024, respectively, is unaudited and reflects all adjustments, which include only normal recurring adjustments and which in the opinion of management are necessary to make the interim condensed consolidated financial statements not misleading. Results of operations for periods covered by this report may not necessarily be indicative of results of operations for the full year.

The preparation of financial statements in conformity with GAAP necessarily requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates.

Recent Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update primarily require more detailed disclosures related to the rate reconciliation and income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is evaluating the impact ASU 2023-09 will have on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. The amendments in this update require the Company to disaggregate key expense categories such as purchases of inventory, employee compensation, depreciation and intangible asset amortization, within its financial statements. The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026. Early adoption is permitted. The Company is evaluating the impact ASU 2024-03 will have on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software. The amendments in this update require internal-use software development cost capitalization to begin when both of the following occur: management has authorized and committed to funding the software project, and it is probable that the project will be completed and that the software will be used to perform its intended function. The amendments also eliminate the accounting considerations of software development stages. The amendments in ASU 2025-06 are effective for fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the impact ASC 2025-06 will have on its consolidated financial statements.

2.	REVENUE RECOGNITION

Revenues are accounted for in accordance with FASB Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers”. The Company has four operating and reportable segments: (i) Monster Energy® Drinks segment (“Monster Energy® Drinks”), which is primarily comprised of the Company’s Monster Energy® drinks, Reign Total Body Fuel® high performance energy drinks, Reign Storm® total wellness energy drinks and Bang Energy® drinks, (ii) Strategic Brands segment (“Strategic Brands”), which is primarily comprised of the various energy drink brands acquired from The Coca-Cola Company (“TCCC”) in 2015 as well as the Company’s affordable energy brands, Predator® and Fury®, (iii) Alcohol Brands segment (“Alcohol Brands”), which is comprised of various craft beers, flavored malt beverages (“FMBs”) and hard seltzers and (iv) Other segment (“Other”), which is comprised of certain products sold by American Fruits and Flavors, LLC, a wholly-owned subsidiary of the Company, to independent third-party customers (the “AFF Third-Party Products”).

Table of Contents

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

The Company’s Monster Energy® Drinks segment primarily generates net operating revenues by selling ready-to-drink packaged drinks primarily to bottlers and full service beverage distributors (“bottlers/distributors”). In some cases, the Company sells ready-to-drink packaged drinks directly to retail grocery and specialty chains, wholesalers, club stores, mass merchandisers, convenience and gas chains, drug stores, foodservice customers, value stores, e-commerce retailers and the military.

The Company’s Strategic Brands segment primarily generates net operating revenues by selling “concentrates” and/or “beverage bases” to authorized bottling and canning operations. Such bottlers generally combine the concentrates and/or beverage bases with sweeteners, water and other ingredients to produce ready-to-drink packaged energy drinks. The ready-to-drink packaged energy drinks are then sold by such bottlers to other bottlers/distributors and to retail grocery and specialty chains, wholesalers, club stores, mass merchandisers, convenience and gas chains, foodservice customers, drug stores, value stores, e-commerce retailers and the military. To a lesser extent, the Strategic Brands segment generates net operating revenues by selling certain ready-to-drink packaged energy drinks to bottlers/distributors.

The Company’s Alcohol Brands segment primarily generates operating revenues by selling kegged and ready-to-drink canned beers, FMBs and hard seltzers primarily to beer distributors in the United States.

The majority of the Company’s revenue is recognized when it satisfies a single performance obligation by transferring control of its products to a customer. Control is generally transferred when the Company’s products are either shipped or delivered based on the terms contained within the underlying contracts or agreements. Certain of the Company’s bottlers/distributors may also perform a separate function as a co-packer on the Company’s behalf. In such cases, control of the Company’s products passes to such bottlers/distributors when they notify the Company that they have taken possession or transferred the relevant portion of the Company’s finished goods. The Company’s general payment terms are short-term in duration. The Company does not have significant financing components or payment terms. The Company did not have any material unsatisfied performance obligations as of September 30, 2025 and December 31, 2024.

The Company excludes from revenues all taxes assessed by a governmental authority that are imposed on the sale of its products and collected from customers.

Distribution expenses to transport the Company’s products, where applicable, and warehousing expenses after manufacture are accounted for within operating expenses.

Promotional and other allowances (variable consideration) recorded as a reduction to net sales for the Company’s energy drink products primarily include consideration given to the Company’s non-alcohol bottlers/distributors or customers, including, but not limited to, the following:

●

discounts granted off list prices to support price promotions to end-consumers by retailers;

●

reimbursements given to the Company’s bottlers/distributors for agreed portions of their promotional spend with retailers, including slotting, shelf space allowances and other fees for both new and existing products;

●

the Company’s agreed share of fees given to bottlers/distributors and/or directly to retailers for advertising, in-store marketing and promotional activities;

●

the Company’s agreed share of slotting, shelf space allowances and other fees given directly to retailers, club stores and/or wholesalers;

●

incentives given to the Company’s bottlers/distributors and/or retailers for achieving or exceeding certain predetermined sales goals;

●

discounted and/or free products or cash rebates;

●

contractual fees given to the Company’s bottlers/distributors related to sales made directly by the Company to certain customers that fall within the bottlers’/distributors’ sales territories; and

●

commissions to TCCC based on the Company’s sales to wholly-owned subsidiaries of TCCC (the “TCCC Subsidiaries”) and/or to TCCC bottlers/distributors accounted for under the equity method by TCCC (the “TCCC Related Parties”).

Table of Contents

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

The Company’s promotional allowance programs for its energy drink products are executed through separate agreements in the ordinary course of business. These agreements generally provide for one or more of the arrangements described above and are of varying durations, typically ranging from one week to one year. The Company’s promotional and other allowances for its energy drink products are calculated based on various programs with bottlers/distributors and retail customers, and accruals are established at the time of initial product sale for the Company’s anticipated liabilities. These accruals are based on agreed upon terms as well as the Company’s historical experience with similar programs and require management’s judgment with respect to estimating consumer participation and/or bottler/distributor and retail customer performance levels. Differences between such estimated expenses and actual expenses for promotional and other allowance costs have historically been insignificant and are recognized in earnings in the period such differences are determined. Promotional and other allowances for our Alcohol Brands segment primarily include price promotions where permitted.

Amounts received pursuant to new and/or amended distribution agreements entered into with certain bottlers/distributors relating to the costs associated with terminating the Company’s prior distributors, are accounted for as deferred revenue and recognized as revenue ratably over the anticipated life of the respective distribution agreements, generally over 20 years.

The Company also enters into license agreements that generate revenues associated with third-party sales of non-beverage products bearing the Company’s trademarks including, but not limited to, clothing, hats, t-shirts, jackets, helmets and automotive wheels.

Management believes that adequate provision has been made for cash discounts, returns and spoilage based on the Company’s historical experience.

Disaggregation of Revenue

The following tables disaggregate the Company’s revenue by geographical markets and reportable segments:


	Three-Months Ended September 30, 2025
					Asia Pacific		Latin
	U.S. and				(including		America and
Net Sales	Canada		EMEA¹		Oceania)		Caribbean		Total
Monster Energy® Drinks	$	1,213,518	$	490,502	$	157,442	$	165,381	$	2,026,843
Strategic Brands		55,028		54,113		12,621		8,739		130,501
Alcohol Brands		33,009		—		—		—		33,009
Other		6,786		—		—		—		6,786
Total Net Sales	$	1,308,341	$	544,615	$	170,063	$	174,120	$	2,197,139


	Three-Months Ended September 30, 2024
					Asia Pacific		Latin
	U.S. and				(including		America and
Net Sales	Canada		EMEA¹		Oceania)		Caribbean		Total
Monster Energy® Drinks	$	1,071,923	$	371,026	$	124,136	$	155,608	$	1,722,693
Strategic Brands		54,524		46,562		7,910		3,570		112,566
Alcohol Brands		39,784		—		—		—		39,784
Other		5,930		—		—		—		5,930
Total Net Sales	$	1,172,161	$	417,588	$	132,046	$	159,178	$	1,880,973

¹Europe, Middle East and Africa (“EMEA”)

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)


	Nine-Months Ended September 30, 2025
					Asia Pacific		Latin
	U.S. and				(including		America and
Net Sales	Canada		EMEA¹		Oceania)		Caribbean		Total
Monster Energy® Drinks	$	3,491,445	$	1,275,990	$	443,386	$	468,890	$	5,679,711
Strategic Brands		158,118		151,415		32,893		16,301		358,727
Alcohol Brands		105,683		—		—		—		105,683
Other		19,169		—		—		—		19,169
Total Net Sales	$	3,774,415	$	1,427,405	$	476,279	$	485,191	$	6,163,290


	Nine-Months Ended September 30, 2024
					Asia Pacific		Latin
	U.S. and				(including		America and
Net Sales	Canada		EMEA¹		Oceania)		Caribbean		Total
Monster Energy® Drinks	$	3,266,832	$	1,075,240	$	378,232	$	474,248	$	5,194,552
Strategic Brands		153,745		131,837		30,117		14,533		330,232
Alcohol Brands		137,417		—		—		—		137,417
Other		18,467		—		—		—		18,467
Total Net Sales	$	3,576,461	$	1,207,077	$	408,349	$	488,781	$	5,680,668

¹Europe, Middle East and Africa (“EMEA”)

Contract Liabilities

Amounts received from certain bottlers/distributors at inception of their distribution contracts or at the inception of certain sales/marketing programs are accounted for as deferred revenue. As of September 30, 2025 and December 31, 2024, the Company had $211.9 million and $224.8 million, respectively, of deferred revenue, which is included in current and long-term deferred revenue in the Company’s condensed consolidated balance sheets. During the three-months ended September 30, 2025 and 2024, $10.1 million and $10.0 million of deferred revenue was recognized in net sales, respectively. During the nine-months ended September 30, 2025 and 2024, $30.0 million and $29.9 million of deferred revenue was recognized in net sales, respectively. See Note 8.

3.INVESTMENTS

The following table summarizes the Company’s investments at September 30, 2025. The Company held no short-term or long-term investments at December 31, 2024.


									Continuous		Continuous
			Gross		Gross				Unrealized		Unrealized
			Unrealized		Unrealized				Loss Position		Loss Position
	Amortized		Holding		Holding		Fair		less than		greater than
September 30, 2025	Cost		Gains		Losses		Value		12 Months		12 Months
Available-for-sale
Short-term:
Commercial paper	$	31,601	$	—	$	—	$	31,601	$	—	$	—
Certificates of deposit		15,444		—		—		15,444		—		—
U.S. treasuries		209,387		140		—		209,527		—		—
Corporate bonds		29,754		65		—		29,819		—		—
Long-term:
U.S. treasuries		214,843		59		—		214,902		—		—
Corporate bonds		144,104		168		—		144,272		—
Total	$	645,133	$	432	$	—	$	645,565	$	—	$	—

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

During the three- and nine-months ended September 30, 2025 and 2024, realized gains or losses recognized on the sale of investments were not significant.

The Company’s investments at September 30, 2025 carried investment grade credit ratings.

The following table summarizes the underlying contractual maturities of the Company’s investments at September 30, 2025. The Company held no short-term or long-term investments at December 31, 2024.


	September 30, 2025
	Amortized Cost		Fair Value
Less than 1 year:
Commercial paper	$	31,601	$	31,601
Certificates of deposit		15,444		15,444
U.S. treasuries		209,387		209,527
Corporate bonds		29,754		29,819
Due 1 - 10 years:
U.S. treasuries		214,843		214,902
Corporate bonds		144,104		144,272
Total	$	645,133	$	645,565

4.	FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES

ASC 820, “Fair Value Measurement”, provides a framework for measuring fair value and requires disclosures regarding fair value measurements. ASC 820 defines fair value as the price that would be received on the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs, where available. The three levels of inputs required by the standard that the Company uses to measure fair value are summarized below.

●

Level 1: Quoted prices in active markets for identical assets or liabilities.

●

Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities.

●

Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

ASC 820 requires the use of observable market inputs (quoted market prices) when measuring fair value and requires a Level 1 quoted price to be used to measure fair value whenever possible.

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

The following tables present the fair value of the Company’s financial assets and liabilities that are recorded at fair value on a recurring basis, segregated among the appropriate levels within the fair value hierarchy at:


September 30, 2025	Level 1		Level 2		Level 3		Total
Cash	$	1,307,856	$	—	$	—	$	1,307,856
Money market funds		927,713		—		—		927,713
Certificates of deposit		—		72,814		—		72,814
Commercial paper		—		31,601		—		31,601
Corporate bonds		—		174,091		—		174,091
U.S. treasuries		—		424,429		—		424,429
Foreign currency derivatives		—		(907)		—		(907)
Commodity derivatives		—		24,327		—		24,327
Total	$	2,235,569	$	726,355	$	—	$	2,961,924

Amounts included in:
Cash and cash equivalents	$	2,235,569	$	57,370	$	—	$	2,292,939
Short-term investments		—		286,391		—		286,391
Accounts receivable, net		—		25,666		—		25,666
Prepaid expenses and other current assets		—		28		—		28
Other assets		—		1,777		—		1,777
Investments		—		359,174		—		359,174
Accrued liabilities		—		(4,051)		—		(4,051)
Total	$	2,235,569	$	726,355	$	—	$	2,961,924


December 31, 2024	Level 1		Level 2		Level 3		Total
Cash	$	1,103,647	$	—	$	—	$	1,103,647
Money market funds		396,306		—		—		396,306
Certificates of deposit		—		33,334		—		33,334
Foreign currency derivatives		—		799		—		799
Commodity derivatives		—		(785)		—		(785)
Total	$	1,499,953	$	33,348	$	—	$	1,533,301

Amounts included in:
Cash and cash equivalents	$	1,499,953	$	33,334	$	—	$	1,533,287
Accounts receivable, net		—		5,991		—		5,991
Other assets		—		6		—		6
Accrued liabilities		—		(5,952)		—		(5,952)
Other liabilities		—		(31)		—		(31)
Total	$	1,499,953	$	33,348	$	—	$	1,533,301

The Company’s valuation of its Level 1 investments is based on quoted market prices in active markets for identical securities. The Company’s valuation of its Level 2 investments is based on other observable inputs, specifically a market approach which utilizes valuation models, pricing systems, mathematical tools and other relevant information for the same or similar securities. The Company’s valuation of its Level 2 foreign currency exchange contracts is based on quoted market prices of the same or similar instruments, adjusted for counterparty risk. There were no transfers between Level 1 and Level 2 measurements during the three- and nine-months ended September 30, 2025, or during the year-ended December 31, 2024, and there were no changes in the Company’s valuation techniques.

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

5.	INVENTORIES

Inventories consist of the following at:


	September 30,		December 31,
	2025		2024
Raw materials	$	311,809	$	232,698
Work in process		1,215		1,200
Finished goods		391,562		503,209
	$	704,586	$	737,107

6.	PROPERTY AND EQUIPMENT, NET

Property and equipment consist of the following at:


	September 30,		December 31,
	2025		2024
Land	$	181,593	$	178,056
Leasehold improvements		43,034		31,132
Furniture and fixtures		13,388		11,416
Office and computer equipment		26,166		28,029
Equipment		648,255		561,408
Buildings		402,483		280,663
Vehicles		83,397		72,564
Assets under construction		73,496		178,980
		1,471,812		1,342,248
Less: accumulated depreciation and amortization		(361,107)		(295,224)
	$	1,110,705	$	1,047,024

Total depreciation and amortization expense was $24.9 million and $17.7 million for the three-months ended September 30, 2025 and 2024, respectively. Total depreciation and amortization expense was $68.6 million and $54.6 million for the nine-months ended September 30, 2025 and 2024, respectively.

7.GOODWILL AND OTHER INTANGIBLE ASSETS

The following is a roll-forward of goodwill for the nine-months ended September 30, 2025 and 2024 by reportable segment:


	Monster
	Energy®		Strategic		Alcohol
	Drinks		Brands		Brands*		Other		Total
Balance at December 31, 2024	$	693,644	$	637,999	$	—	$	—	$	1,331,643
Acquisitions		—		—		—		—		—
Balance at September 30, 2025	$	693,644	$	637,999	$	—	$	—	$	1,331,643

*Accumulated goodwill impairment balance at December 31, 2024 and September 30, 2025 was $86.3 million related entirely to Alcohol Brands.

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)


	Monster
	Energy®		Strategic		Alcohol
	Drinks		Brands		Brands		Other		Total
Balance at December 31, 2023	$	693,644	$	637,999	$	86,298	$	—	$	1,417,941
Acquisitions		—		—		—		—		—
Balance at September 30, 2024	$	693,644	$	637,999	$	86,298	$	—	$	1,417,941

Intangible assets consist of the following at:


	September 30,		December 31,
	2025		2024
Amortizing intangibles	$	192,633	$	183,800
Accumulated amortization		(100,778)		(86,703)
		91,855		97,097
Non-amortizing intangibles		1,327,451		1,317,155
	$	1,419,306	$	1,414,252

Amortizing intangibles primarily consist of customer relationships. All amortizing intangibles have been assigned an estimated finite useful life, and such intangibles are amortized on a straight-line basis over the number of years that approximate their respective useful lives, generally three to ten years. Total amortization expense was $4.7 million and $2.2 million for the three-months ended September 30, 2025 and 2024, respectively. Total amortization expense was $13.4 million and $5.2 million for the nine-months ended September 30, 2025 and 2024, respectively. For the three- and nine-months ended September 30, 2025 and 2024, no impairment charges were recorded to intangible assets.

The following is the future estimated amortization expense related to amortizing intangibles as of September 30, 2025:


2025 (from October 1,2025 to December 31, 2025)	$	4,808
2026		19,235
2027		17,506
2028		15,105
2029		13,755
2030 and thereafter		21,446
	$	91,855

8.	DISTRIBUTION AGREEMENTS

In the normal course of business, amounts received pursuant to new and/or amended distribution agreements entered into with certain bottlers/distributors, relating to the costs associated with terminating agreements with the Company’s prior distributors, or at the inception of certain sales/marketing programs are accounted for as deferred revenue and are recognized as revenue ratably over the anticipated life of the respective agreement, generally 20 years or program duration, as the case may be. Revenue recognized was $10.1 million and $10.0 million for the three-months ended September 30, 2025 and 2024, respectively. Revenue recognized was $30.0 million and $29.9 million for the nine-months ended September 30, 2025 and 2024, respectively.

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

DEBT

The Company repaid the outstanding balance on long-term debt in April 2025. As of December 31, 2024, the Company’s long-term debt consisted of the following:


	December 31,
	2024
Term loan	$	375,000
Revolving credit facility		—
Total debt		375,000
Less: unamortized debt issuance costs		(1,049)
Total debt, net of unamortized debt issuance costs		373,951
Less: current portion of long-term debt		—
Long-term debt	$	373,951

In May 2024, the Company entered into a credit agreement with JPMorgan Chase Bank, N.A., as administrative agent, and certain other lenders (the “Original Credit Agreement”), which provided for senior unsecured credit facilities in an aggregate principal amount of $1.50 billion (collectively, the “Credit Facilities”). The Credit Facilities previously consisted of a $750.0 million term loan (the “Term Loan”) and up to $750.0 million in multicurrency revolving loan commitments (the “Revolving Credit Facility”). The Term Loan was repaid in April 2025 with no additional borrowings permitted. In addition, pursuant to Amendment No. 1 to the Original Credit Agreement, dated as of October 17, 2025, among the Company, JPMorgan Chase Bank, N.A., as administrative agent, and certain other lenders (the “Amended Credit Agreement”), the Company’s aggregate borrowing capacity under the Revolving Credit Facility has been reduced to $500.0 million. Borrowings under the Revolving Credit Facility bear interest at a variable rate per annum equal to the applicable rate plus margin (as defined in the Amended Credit Agreement). Borrowings may be repaid at any time during the term of the Revolving Credit Facility and may be reborrowed prior to the maturity date, which is set to occur in May 2029. As of September 30, 2025, no borrowings were outstanding under the Credit Facilities, and the Company was in compliance with all covenants under the Amended Credit Agreement.

Additionally, the Company has a line of credit of up to $15.0 million with HSBC Bank (China) Company Limited, Shanghai Branch. As of September 30, 2025, no amount was outstanding on this line of credit.

10.	COMMITMENTS AND CONTINGENCIES

The Company had purchase commitments aggregating approximately $225.3 million at September 30, 2025, which represented commitments made by the Company and its subsidiaries to various suppliers of raw materials for the production of its products. These obligations vary in terms but are generally satisfied within one year.

The Company had contractual obligations aggregating approximately $481.1 million at September 30, 2025, which related primarily to sponsorships and other marketing activities.

Litigation — From time to time in the normal course of business, the Company is named in litigation, including labor and employment matters, personal injury matters, consumer class actions, intellectual property matters and claims from prior distributors. Although it is not possible to predict the ultimate outcome of such litigation, based on the facts known to the Company, management believes that such litigation in aggregate will likely not have a material adverse effect on the Company’s financial position or results of operations.

The Company evaluates, on a quarterly basis, developments in legal proceedings and other matters that could cause an increase or decrease in the amount of the liability that is accrued, if any, and any related insurance reimbursements. As of September 30, 2025 and December 31, 2024, $35.7 million and $16.8 million, respectively, of loss contingencies were included in the Company’s accompanying condensed consolidated balance sheets.

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

11.	ACCUMULATED OTHER COMPREHENSIVE LOSS

Changes in accumulated other comprehensive loss by component, after tax, for the nine-months ended September 30, 2025 and 2024 are as follows:


	Accumulated Net		Currency		Unrealized Gains
	Gains (Losses)		Translation		(Losses) on
	on Commodity		Gains		Available-for-
	Derivatives		(Losses)		Sale Securities		Total
Balance at December 31, 2024	$	443	$	(269,930)	$	—	$	(269,487)
Other comprehensive income (loss) before reclassifications		29,983		147,377		434		177,794
Amounts reclassified from accumulated other comprehensive loss		(1,689)		—		—		(1,689)
Net current-period other comprehensive income (loss)		28,294		147,377		434		176,105
Balance at September 30, 2025	$	28,737	$	(122,553)	$	434	$	(93,382)


	Accumulated Net		Currency		Unrealized Gains
	Gains (Losses)		Translation		(Losses) on
	on Commodity		Gains		Available-for-
	Derivatives		(Losses)		Sale Securities		Total
Balance at December 31, 2023	$	4,410	$	(128,989)	$	(758)	$	(125,337)
Other comprehensive income (loss) before reclassifications		690		(13,953)		758		(12,505)
Net current-period other comprehensive income (loss)		690		(13,953)		758		(12,505)
Balance at September 30, 2024	$	5,100	$	(142,942)	$	—	$	(137,842)

12.	TREASURY STOCK

On August 19, 2024, the Company’s Board of Directors authorized a share repurchase program for the purchase of up to an additional $500.0 million of the Company’s outstanding common stock (the “August 2024 Repurchase Plan”). During the three-months ended September 30, 2025, no shares were repurchased under the August 2024 Repurchase Plan. As of November 5, 2025, $500.0 million remained available for repurchase under the August 2024 Repurchase Plan.

The aggregate amount of the Company’s outstanding common stock that remains available for repurchase under all previously authorized repurchase plans is $500.0 million as of November 5, 2025.

During the three-months ended September 30, 2025, 0.4 million shares of common stock were purchased from employees in lieu of cash payments for options exercised or withholding taxes due for a total amount of $27.3 million. While such purchases are considered common stock repurchases, they are not counted as purchases against the Company’s authorized share repurchase programs. Such shares are included in common stock in treasury in the accompanying condensed consolidated balance sheet at September 30, 2025.

13.	STOCK-BASED COMPENSATION

The Company has two stock-based compensation plans under which shares were available for grant at September 30, 2025: (i) the Monster Beverage Corporation 2020 Omnibus Incentive Plan, including the Monster Beverage Corporation Deferred Compensation Plan as a sub-plan thereunder, and (ii) the Monster Beverage Corporation 2017 Compensation Plan for Non-Employee Directors as Amended and Restated on February 23, 2022, including the Monster Beverage Corporation Deferred Compensation Plan for Non-Employee Directors as a sub-plan thereunder.

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

The Company recorded $32.8 million and $27.5 million of compensation expense relating to outstanding options, restricted stock units, performance share units and other share-based awards during the three-months ended September 30, 2025 and 2024, respectively. The Company recorded $86.7 million and $68.8 million of compensation expense relating to outstanding options, restricted stock units, performance share units and other share-based awards during the nine-months ended September 30, 2025 and 2024, respectively.

The tax benefit for tax deductions from non-qualified stock option exercises, disqualifying dispositions of incentive stock options and vesting of restricted stock units and performance share units for the three-months ended September 30, 2025 and 2024 was $6.5 million and $1.3 million, respectively. The tax benefit for tax deductions from non-qualified stock option exercises, disqualifying dispositions of incentive stock options and vesting of restricted stock units and performance share units for the nine-months ended September 30, 2025 and 2024 was $20.1 million and $10.3 million, respectively.

Stock Options

Under the Company’s stock-based compensation plans, all stock options granted as of September 30, 2025 were granted at prices based on the fair value of the Company’s common stock on the date of grant. The Company records compensation expense for stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes-Merton option pricing formula with the assumptions included in the table below. The Company uses historical data to determine the exercise behavior, volatility and forfeiture rate of the options.

The following weighted-average assumptions were used to estimate the fair value of options granted during:


	Three-Months Ended September 30,			Nine-Months Ended September 30,
	2025	2024		2025		2024
Dividend yield	—	0.0	%	0.0	%	0.0	%
Expected volatility	—	26.9	%	26.7	%	27.4	%
Risk-free interest rate	—	3.7	%	4.2	%	4.2	%
Expected term	—	6.3	years	6.2	years	6.4	years

Expected Volatility: The Company uses historical volatility as it provides a reasonable estimate of the expected volatility. Historical volatility is based on the most recent volatility of the stock price over a period of time equivalent to the expected term of the option.

Risk-Free Interest Rate: The risk-free interest rate is based on the U.S. treasury zero-coupon yield curve in effect at the time of grant for the expected term of the option.

Expected Term: The Company’s expected term represents the weighted-average period that the Company’s stock options are expected to be outstanding. The expected term is based on the expected time to post-vesting exercise of options by employees. The Company uses historical exercise patterns of previously granted options to derive employee behavioral patterns used to forecast expected exercise patterns.

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

The following table summarizes the Company’s activities with respect to its stock option plans as follows:


				Weighted-
				Average
		Weighted-		Remaining
	Number of	Average		Contractual	Aggregate
	Shares	Exercise Price		Term	Intrinsic
Options	(in thousands)	Per Share		(in years)	Value
Outstanding at January 1, 2025	27,088	$	38.98	5.8	$	400,207
Granted 01/01/25 - 03/31/25	1,299	$	55.09
Granted 04/01/25 - 06/30/25	21	$	60.28
Granted 07/01/25 - 09/30/25	—	$	—
Exercised	(4,017)	$	28.47
Cancelled or forfeited	(317)	$	52.53
Outstanding at September 30, 2025	24,074	$	41.45	5.7	$	622,667
Vested and expecte

Monster Beverage Corp 10-Q